If Its Value of Cross-Price Elasticity Is Negative, a Good

question 51

True/False

If its value of cross-price elasticity is negative, a good must be a necessity.

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Definitions:

Nonnegotiable

Refers to an item or term that cannot be altered or transferred in agreement or transaction.

Express Promise

A clear and specific commitment stated by one party to another, often forming the basis of an express contract.

Consideration

In contract law, something of value promised, given, or received that motivates parties to enter into an agreement.

Time Draft

A written order to pay a specified amount of money at a future date.